Debt Payoff Timeline Calculator
Calculate how long it will take to become debt-free with different payment strategies. Visualize your payoff journey and save money on interest.
Step 1: Debt Details
Debt Payoff Strategies
Avalanche Method: Pay highest interest debts first to save on interest.
Snowball Method: Pay smallest debts first for psychological wins.
Extra Payments: Even small additional payments can significantly reduce payoff time.
Step 2: Calculation Options
Key Factors in Debt Payoff
Interest Rate: Higher rates mean more interest paid over time.
Monthly Payment: Increasing payments reduces payoff time significantly.
Compound Interest: Interest accrues on both principal and accumulated interest.
Debt Payoff Timeline Results
Estimated Payoff Date
Monthly Payoff Schedule
| Month | Starting Balance | Payment | Principal | Interest | Ending Balance |
|---|
Payoff Strategy Comparison
Avalanche Method
Approach: Pay debts with highest interest rates first
Advantage: Saves the most money on interest
Best for: People who want to minimize total cost
Snowball Method
Approach: Pay smallest debts first regardless of interest
Advantage: Psychological wins and motivation
Best for: People who need encouragement to stay on track
Standard Payment Plan
Approach: Make minimum payments on all debts
Advantage: Simple and predictable
Best for: Those who prefer consistency over speed
Debt Consolidation
Approach: Combine multiple debts into one loan
Advantage: Single payment, often lower interest rate
Best for: Managing multiple high-interest debts
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